Bankjoy and Pinwheel Partner to Simplify Direct Deposit Setups
Bankjoy and Pinwheel have partnered to help financial institutions offer their customers a frictionless way to set up their direct deposit. With this collaboration, Bankjoy will help its bank and credit union clients integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime, the companies said in a Tuesday (April 16) press release. “Removing the friction during the deposit switching setup […]
The post Bankjoy and Pinwheel Partner to Simplify Direct Deposit Setups appeared first on PYMNTS.com.
Bankjoy and Pinwheel have partnered to help financial institutions offer their customers a frictionless way to set up their direct deposit.
With this collaboration, Bankjoy will help its bank and credit union clients integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime, the companies said in a Tuesday (April 16) press release.
“Removing the friction during the deposit switching setup process is a major step towards achieving account primacy, quickly becoming one of the most important factors for banks and credit unions looking to grow their revenue,” Weiwei Duncan, chief operating officer at Bankjoy, said in the release.
The deposit-switching experience offered by financial institutions is often manual and paper-based, creating both friction and opportunities for fraud, according to the release.
Some solutions are digital but require consumers to manually look up their payroll provider and input additional information, the release said.
This friction causes 90% of users to drop off, per the release.
The Pinwheel Prime platform, on the other hand, allows consumers to set up their direct deposit in seconds, with two clicks, according to the release.
This solution leverages a proprietary payroll provider network that makes it possible to instantly identify and authenticate the payroll records of U.S. workers within the bank account application workflow, the release said.
This removes the barriers that cause half of the drop-off during the traditional consumer journey, per the release.
With the new partnership, Bankjoy, a digital banking provider for banks and credit unions, will enable its customers to implement Pinwheel Prime, according to the release.
“With this collaboration, we can bring the ability to easily switch direct deposit settings to an even wider set of consumers, facilitating a fairer financial system with greater choice and portability,” Kurtis Lin, co-founder and CEO of Pinwheel, said in the release.
Consumers have gotten used to the simple experiences offered by companies like Uber and DoorDash, and they have integrated those into their lives, Bankjoy CEO Michael Duncan told PYMNTS in an interview posted in December 2021.
“That’s what businesses expect now: that they’re going to get these kinds of services and that’s what technology looks like,” Duncan said.
The post Bankjoy and Pinwheel Partner to Simplify Direct Deposit Setups appeared first on PYMNTS.com.